Oil and Gas

OPEC members increasingly keen to end oil glut: Kachikwu

The mood inside the Organisation of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria's oil minister told Reuters.

Oil prices have slumped by more than 70 per cent to near US$30 a barrel over the past 18 months as OPEC, led by top producer Saudi Arabia, sought to drive higher-cost producers out of the market by refusing to cut production despite a supply glut.

1500 Self-confessed militants seek inclusion in amnesty program

Some 1, 500 Niger Delta militants have expressed their desire to surrender their arms to the federal government and embrace the amnesty program.

 A statement by O. C. Babaeere and America Tekeiminikpoba on behalf of others on Sunday said their action was sequel to the intervention of the Minister of State for Petroleum Resources, Dr Ibe Kachikwu.

 The duo who said they are commanders from some camps in Lagos/Ogun states and environs however said they were ready to surrender their arms and embrace the amnesty program if the federal government was sincere.

Nigeria to fix refineries through private sector funding

NNPC GMD Ibe Kachikwu

Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, disclosed this when the German Vice Minister for Economic Affairs and Energy Mr. Uwe Beckmeyer paid him a courtesy visit in Abuja, also noted that efforts are ongoing to significantly increase the production of Liquefied Natural Gas (LNG) as it plans to increase its supply of the product to Germany and other European countries, following the interest of Germany and other countries in Nigeria’s LNG.

Profit Motive Driving Oil Majors to Downsize, Says FG

The federal government on Thursday in Abuja accused oil majors operating in the country of not being sincere in their plans to downsize their workforce, stating that profit motive is the main aim in their quest to sack workers.

The Minister of Labour and Employment, Chris Ngige, at a parley with labour and oil companies criticised some foreign oil firms operating in Nigeria, stressing that their motive for profit usually supercedes the need to give back part of their proceeds in the sector.

NNPC embarks on a massive import as Port Harcourt and Kaduna refineries remain shut

To close the gap created by the shutdown of Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS). Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.

Oil price crash won’t undermine local content devt drive –NCDMB

The Nigerian Content Development and Monitoring Board, NCDMB, has ruled out any negative effects of the sharp decline of crude oil prices in the international market on the implementation of the local content policy in Nigeria. There has been apprehension among many indigenous operators in the nation’s oil and gas sector that the worsening slide in the price of crude oil, which is also taking its toll on International Oil Companies IOCs in the country, would also affect them negatively.

NSCDC inaugurates gunboats to tackle Pipeline Vandalism

The Nigeria Security and Civil Defence Corps (NSCDC), yesterday, inaugurated gunboats in Bayelsa State to tackle pipeline vandalism and other maritime crimes.

The gunboats were sent to the state command of NSCDC by the Federal Government a few days after suspected vandals attacked pipelines belonging to the Nigerian Agip Oil Company (NAOC) in Brass, Brass Local Government Area.